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Rand weakens as dollar firms ahead of US inflation data

The rand slightly weakened on Monday, as the greenback strengthened on the prospect that US inflation data would bolster the case for the Federal Reserve to raise interest rates sooner than expected. Photographer: Nadine Hutton/Bloomberg

The rand slightly weakened on Monday, as the greenback strengthened on the prospect that US inflation data would bolster the case for the Federal Reserve to raise interest rates sooner than expected. Photographer: Nadine Hutton/Bloomberg

Published Jan 10, 2022

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The rand slightly weakened on Monday, as the greenback strengthened on the prospect that US inflation data would bolster the case for the Federal Reserve to raise interest rates sooner than expected.

At 0650 GMT, the rand traded at 15.5925 against the dollar, down around 0.2 percent on its previous close.

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US inflation figures are due on Wednesday, with headline consumer inflation seen climbing to a red-hot 7 percent year-on-year.

The dollar was last up 0.2 percent against a basket of currencies.

South Africa's economic data calendar is fairly light this week, so the rand will probably mainly track global markets. Domestic manufacturing data for November, due on Tuesday, could give the best insight into the state of Africa's most industrialised economy.

The government's benchmark 2030 bond was also slightly weaker in early deals, with the yield rising 3 basis points to 9.435 percent.

REUTERS

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